On Monday, President Joe Biden’s administration unveiled yet another student debt relief plan.
It was the latest announcement from a presidency that will be remembered for student loan debt forgiveness, regardless of your place on the political spectrum.
Next summer, more than 30 million people will benefit from the new proposals, which are supposed to fulfill one of Biden’s 2020 campaign promises – just in time for the general election. This is in addition to the more than 3.7 million people who have already had their loans forgiven through past executive actions from Biden.
The new program, which is supposed to begin this fall, will be as close as Biden can get to his initial plan with the conservative hurdles he has to clear, including the U.S. Supreme Court ruling against him. It addresses multiple types of borrowers: those who have had loans for more than 20 years, borrowers who have interest on their loans and make less than $120,000 a year, plus borrowers experiencing financial hardship.
It's good – great, even – that Biden is forgiving this debt. Today's college graduates are saddled with more debt immediately out of college than our predecessors; gone are the days of paying off your loans with summer jobs or those first few post-grad paychecks. It shows that his administration is aware how different the system is compared to decades prior.
More than 43 million people have federal student loan debt equating to more than $1.6 trillion. Add in private loans, and it's another $131 billion. This is something that affects people's lives, day-in and day-out, and it has become increasingly common with each new generation.
Pew Research Center found that Gen Z is on track to be the most well-educated generation. A Gallup poll last year found that 83% of Gen Z thinks college is "very important" or "fairly important." Biden knows this, and it could pay off for him in November.
Right now, Biden is getting criticized heavily by Gen Z for his stance on Gaza, and he needs to appeal to younger voters who may be wary of heading to the polls in November. Student loan debt relief is a surefire way to win over progressive voters, even if part of the program is aimed at people 20 years their senior.
About Biden's support of Israel:Gen Z wants no part of Biden's unceasing support of Israel as civilian deaths in Gaza mount
The plan should also win Biden points with Gen X and millennials, who owe more on average. Criticism of this plan – the idea that Biden is buying votes – fails to address the new cost of college and the potential for improving the economy.
It's understandable that older generations feel frustrated by the debt relief Biden is providing. It's also true that student loan debt has doubled over the last two decades because of the increase in students pursuing degrees after high school.
There is also a racial disparity in student loan debt. Black and Latino voters are more likely to have to take on debt and have higher levels of debt on average. Cancelling student loan debt helps mitigate the factors that keep people economically behind their peers.
Borrowers are still feeling the effects of the pandemic as well. About 40% of federal student loan borrowers missed their first payment post-COVID repayment freeze.
My generation is entitled:Gen Z wants student loan forgiveness without any accountability. It doesn't work that way.
When older generations complain about younger people being "entitled," they should remember that debt relief helps the economy overall because it helps people save money for milestone purchases, like buying a car or house.
By following up on a campaign promise that would benefit millions, Biden is reminding voters of why they voted for him in the first place.
Many people were unenthused about voting for him in 2020; he had neither the grassroots support of Bernie Sanders nor the newcomer's advantage of Pete Buttigieg. The progressive agenda Biden's White House touted was a sign that he knew younger voters weren't going to accept "vote blue no matter who," and his first executive action to forgive student loan debt exemplified that.
Even though the first attempt to forgive millions of borrowers was eventually overruled, the administration has continued to push forward and forgive loans for borrowers who meet specific criteria. Biden had already forgiven $138 billion of student loan debt prior to Monday's news.
The new initiative is a sign that Biden understands what will get people to the polls. If his team is smart, they'll keep Biden's student loan relief as a tenet of his 2024 campaign.
Follow USA TODAY elections columnist Sara Pequeño on X, formerly Twitter, @sara__pequeno and Facebook facebook.com/PequenoWrites
Yes, Biden is catering to Gen Z with student debt relief. Stop hating.
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10.04.2024
On Monday, President Joe Biden’s administration unveiled yet another student debt relief plan.
It was the latest announcement from a presidency that will be remembered for student loan debt forgiveness, regardless of your place on the political spectrum.
Next summer, more than 30 million people will benefit from the new proposals, which are supposed to fulfill one of Biden’s 2020 campaign promises – just in time for the general election. This is in addition to the more than 3.7 million people who have already had their loans forgiven through past executive actions from Biden.
The new program, which is supposed to begin this fall, will be as close as Biden can get to his initial plan with the conservative hurdles he has to clear, including the U.S. Supreme Court ruling against him. It addresses multiple types of borrowers: those who have had loans for more than 20 years, borrowers who have interest on their loans and make less than $120,000 a year, plus borrowers experiencing financial hardship.
It's good – great, even – that Biden is forgiving this debt. Today's college graduates are saddled with more debt immediately out of college than our predecessors; gone are the........
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